Gevo, Inc. (NASDAQ: GEVO) ("Gevo", the "Company", "we", "us" or
"our") today announced financial results for the first quarter of
2022 and recent corporate highlights.
Recent Corporate Highlights
- On January 31, 2022, Gevo announced
that it had begun the process of bringing its dairy manure-based
renewable natural gas ("RNG") project online in northwest Iowa and
once this facility has reached steady-state production levels of
approximately 355,000 MMBTU, its evaluation period by the
California Air Resource Board and the Environmental Protection
Agency for Low Carbon Fuel Standard ("LCFS") and Renewable
Identification Number ("RIN") credits will commence.
- Our Net-Zero 1 project continues to be
on schedule, and we recently received the conditional use permits
for the plant and the wind turbines that will help power the
project.
- Verity Tracking continues to develop a
proprietary platform based on distributed ledger technology (also
known as the “blockchain”) and recently partnered with Farmers’
Edge, a company dedicated to helping farmers track data and improve
agricultural decision making, to support development.
- On March 18, 2022, Gevo signed a
"take-or-pay" agreement with British Airways plc to supply 30
million gallons per year of sustainable aviation fuel ("SAF") over
a five-year term.
- On March 21, 2022, the oneworld®
Alliance announced that certain of its members plan to purchase up
to 200 million gallons per year of SAF from Gevo over a five-year
term expected to commence in 2027.
- On March 22, 2022, Gevo signed a
"take-or-pay" agreement with Delta Air Lines, Inc. to supply 75
million gallons per year of SAF for seven years, replacing the
existing agreement signed with Delta in 2019 to purchase 10 million
gallons per year.
2022 First Quarter Financial Highlights
- Ended the quarter with cash, cash
equivalents, restricted cash and marketable securities of
$429.6 million compared to $475.8 million as of the end
of Q4 2021
- Revenue of $0.2 million for the
quarter compared to $0.1 million in Q1 2021
- Loss from operations of
$(16.0) million for the quarter compared to
$(9.9) million in Q1 2021
- Non-GAAP cash EBITDA loss1 of
$(10.3) million for the quarter compared to
$(7.8) million in Q1 2021
- GAAP net loss per share and non-GAAP
adjusted net loss per share2 of $(0.08) for the quarter compared to
$(0.05) in Q1 2021
Commenting on the first quarter of 2022 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said
"We are moving forward with our Net Zero 1 plans in Lake Preston,
South Dakota and couldn't be more pleased with the progress we have
made. We look forward to beginning site preparations later this
year and construction early next year. We believe we have a world
class team in place to manage the development of this first of its
kind, Net-Zero plant and the many additional plants that will be
needed to produce this valuable fuel. In northwest Iowa, our dairy
RNG facility continues its ramp to stable production and I am very
proud of how well that team executed to deliver the project on time
and within budget. We intend to build many Net-Zero plants over the
coming years and we believe we have all the right people in place
to get it done."
First Quarter 2022 Financial Results
During the three months ended March 31, 2022, total revenue was
$0.2 million, compared with $0.1 million in the same
period in 2021. We sold approximately 35,000 gallons of SAF,
isooctane and isooctene from our development facility at Luverne,
Minnesota in first quarter of 2022 compared to nil for the three
months ended March 31, 2021 due to the COVID-19 shutdown.
Cost of goods sold was $4.2 million for the three months
ended March 31, 2022, compared with $2.0 million in the same
period in 2021. The majority of first quarter 2022 cost of goods
sold was related to a $2.9 million adjustment made to the
Company's finished goods and work in process inventory to net
realizable value with the offset recorded in cost of goods
sold.
Selling, general and administrative expense increased by $5.6
million during the three months ended March 31, 2022, compared
with the same period in 2021, due primarily to increases in
personnel costs related to strategic new hiring, stock-based
compensation, professional fees related to new contracts and higher
costs for insurance.
Preliminary stage project costs are related to our NW Iowa RNG
and Net-Zero projects and consist primarily of research and
development expense in addition to selling, general and
administrative expenses of the projects. Preliminary stage project
costs decreased by $2.2 million during the three months ended
March 31, 2022, compared to the same period in 2021. The
decrease is primarily due to the capitalization of Net-Zero 1
project costs in the third quarter of 2021, after completing
certain project milestones. Net-Zero 1 related costs and RNG
related costs were still being expensed in the first quarter of
2021.
Gevo incurred a net loss for the three months ended
March 31, 2022, of $(15.7) million, compared with a net loss
of $(10.1) million during the same period in 2021. Non-GAAP
adjusted net loss3 for the three months ended March 31, 2022,
was $(15.7) million, compared with a non-GAAP adjusted net loss of
$(10.0) million during the same period in 2021. Among other things,
we incurred costs related to our production of isobutanol and
hydrocarbon products for market development purposes, process
technology and related process engineering work, expenses for
additional intellectual property and know-how development for
chemical and biological catalysts and related technologies, market
development, partnership development, site development work, and
Verity Tracking development expenses.
Non-GAAP cash EBITDA loss4 in the three months ended
March 31, 2022, was $(10.3) million, compared with a $(7.8)
million non-GAAP cash EBITDA loss in the same period in 2021.
During the three months ended March 31, 2022, we used $7.9
million in cash for investing activities, of which $71.1 million
related to proceeds from sales and maturities of marketable
securities, offset by the reinvestment of $31.2 million in
marketable securities, and $31.5 million of investments in our
capital projects, including $18.3 million in the NW Iowa RNG
project, $9.6 million in the Net-Zero 1 project, as well as $3.2
million in development projects at Agri-Energy and Gevo.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. EDT (2:30 p.m. MDT)
will be Dr. Patrick R. Gruber, Chief Executive Officer, L. Lynn
Smull, Chief Financial Officer, Dr. Chris Ryan, Chief Operating
Officer, Heather Manuel, Vice President – Investor Relations &
Communications and John Richardson, Director of Investor Relations.
They will review Gevo’s financial results and provide an update on
recent corporate highlights.
To participate in the conference call, please dial 1 (833)
729-4776 (inside the U.S.) or 1 (830) 213-7701 (outside the U.S.)
and reference the access code 2251249# or through the event weblink
https://edge.media-server.com/mmc/p/rkzfqmut
A replay of the call and webcast will be available two hours
after the conference call ends on May 9, 2022. To access the
replay, please dial 1 (855) 859-2056 (inside the U.S.) or 1 (404)
537-3406 (outside the U.S.) and reference the access code 2251249#.
The archived webcast will be available in the Investor Relations
section of Gevo’s website at www.gevo.com.
About Gevo
Gevo’s mission is to transform renewable energy and carbon into
energy-dense liquid hydrocarbons. These liquid hydrocarbons can be
used for drop-in transportation fuels such as gasoline, jet fuel,
and diesel fuel, that when burned have potential to yield net-zero
greenhouse gas emissions when measured across the full lifecycle of
the products. Gevo uses low-carbon renewable resource-based
carbohydrates as raw materials, and is in an advanced state of
developing renewable electricity and renewable natural gas for use
in production processes, resulting in low-carbon fuels with
substantially reduced carbon intensity (the level of greenhouse gas
emissions compared to standard petroleum fossil-based fuels across
their lifecycle). Gevo’s products perform as well or better than
traditional fossil-based fuels in infrastructure and engines, but
with substantially reduced greenhouse gas emissions. In addition to
addressing the problems of fuels, Gevo’s technology also enables
certain plastics, such as polyester, to be made with more
sustainable ingredients. Gevo’s ability to penetrate the growing
low-carbon fuels market depends on the price of oil and the value
of abating carbon emissions that would otherwise increase
greenhouse gas emissions. Gevo believes that its proven, patented,
technology enabling the use of a variety of low-carbon sustainable
feedstocks to produce price-competitive low carbon products such as
gasoline components, jet fuel, and diesel fuel yields the potential
to generate project and corporate returns that justify the
build-out of a multi-billion-dollar business.
Gevo believes that Argonne National Laboratory GREET model is
the best available standard of scientific based measurement for
life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, our financial condition, our results of operation and
liquidity, our business development activities, our Net-Zero
Projects, our RNG Project, the engineering and design work for our
projects, our offtake agreements, our plans to develop its
business, our ability to successfully construct and finance our
operations and growth projects, our ability to achieve cash flow
from our planned projects, the ability of our products to
contribute to lower greenhouse gas emissions, particulate and
sulfur pollution, Verity Tracking development progress, project
development costs and other statements that are not purely
statements of historical fact These forward-looking statements are
made based on the current beliefs, expectations and assumptions of
the management of Gevo and are subject to significant risks and
uncertainty. Investors are cautioned not to place undue reliance on
any such forward-looking statements. All such forward-looking
statements speak only as of the date they are made, and Gevo
undertakes no obligation to update or revise these statements,
whether as a result of new information, future events or otherwise.
Although Gevo believes that the expectations reflected in these
forward-looking statements are reasonable, these statements involve
many risks and uncertainties that may cause actual results to
differ materially from what may be expressed or implied in these
forward-looking statements. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Gevo in general, see the risk
disclosures in the Annual Report on Form 10-K of Gevo for the year
ended December 31, 2021 and in subsequent reports on Forms 10-Q and
8-K and other filings made with the U.S. Securities and Exchange
Commission by Gevo.
Non-GAAP Financial Information
This press release contains financial measures that do not
comply with U.S. generally accepted accounting principles (GAAP),
including non-GAAP cash EBITDA loss, non-GAAP adjusted net loss and
non-GAAP adjusted net loss per share. Non-GAAP cash EBITDA loss
excludes depreciation and amortization and non-cash stock-based
compensation from GAAP loss from operations. Non-GAAP adjusted net
loss and adjusted net loss per share exclude non-cash gains and/or
losses recognized in the quarter due to the changes in the fair
value of certain of Gevo’s financial instruments, such as warrants,
convertible debt and embedded derivatives, from GAAP net loss.
Management believes these measures are useful to supplement its
GAAP financial statements with this non-GAAP information because
management uses such information internally for its operating,
budgeting and financial planning purposes. These non-GAAP financial
measures also facilitate management’s internal comparisons to
Gevo’s historical performance as well as comparisons to the
operating results of other companies. In addition, Gevo believes
these non-GAAP financial measures are useful to investors because
they allow for greater transparency into the indicators used by
management as a basis for its financial and operational decision
making. Non-GAAP information is not prepared under a comprehensive
set of accounting rules and therefore, should only be read in
conjunction with financial information reported under U.S. GAAP
when understanding Gevo’s operating performance. A reconciliation
between GAAP and non-GAAP financial information is provided in the
financial statement tables below
1 Cash EBITDA loss is a non-GAAP measure
calculated by adding back depreciation and amortization and
non-cash stock-based compensation to GAAP loss from operations. A
reconciliation of cash EBITDA loss to GAAP loss from operations is
provided in the financial statement tables following this
release.2 Adjusted net loss per share is a
non-GAAP measure calculated by adding back non-cash gains and/or
losses recognized in the quarter due to the changes in the fair
value of certain of our financial instruments, such as warrants,
convertible debt and embedded derivatives, to GAAP net loss per
share. A reconciliation of adjusted net loss per share to GAAP net
loss per share is provided in the financial statement tables
following this release.3 Adjusted net loss is a
non-GAAP measure calculated by adding back non-cash gains and/or
losses recognized in the quarter due to the changes in the fair
value of certain of our financial instruments, such as warrants,
convertible debt and embedded derivatives, to GAAP net loss. A
reconciliation of adjusted net loss to GAAP net loss is provided in
the financial statement tables following this
release.4 Cash EBITDA loss is a non-GAAP measure
calculated by adding back depreciation and amortization and
non-cash stock compensation to GAAP loss from operations. A
reconciliation of cash EBITDA loss to GAAP loss from operations is
provided in the financial statement tables following this
release.
Gevo, Inc.Condensed Consolidated
Balance Sheets Information(Unaudited, in
thousands, except share and per share amounts)
|
March 31, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
44,626 |
|
|
$ |
40,833 |
|
Marketable securities (current) |
|
265,813 |
|
|
|
275,340 |
|
Restricted cash (current) |
|
16,216 |
|
|
|
25,032 |
|
Accounts receivable, net |
|
168 |
|
|
|
978 |
|
Inventories |
|
2,735 |
|
|
|
2,751 |
|
Prepaid expenses and other current assets |
|
5,861 |
|
|
|
6,857 |
|
Total current assets |
|
335,419 |
|
|
|
351,791 |
|
Property, plant and equipment,
net |
|
156,896 |
|
|
|
139,141 |
|
Long-term marketable
securities |
|
32,724 |
|
|
|
64,396 |
|
Long-term restricted cash |
|
70,238 |
|
|
|
70,168 |
|
Operating right-of-use
assets |
|
2,209 |
|
|
|
2,414 |
|
Finance right-of-use
assets |
|
26,887 |
|
|
|
27,297 |
|
Intangible assets, net |
|
8,656 |
|
|
|
8,938 |
|
Deposits and other assets |
|
5,631 |
|
|
|
2,331 |
|
Total assets |
$ |
638,660 |
|
|
$ |
666,476 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Accounts payable and accrued liabilities |
$ |
13,410 |
|
|
$ |
28,288 |
|
Operating lease liabilities (current) |
|
416 |
|
|
|
772 |
|
Finance lease liabilities (current) |
|
4,029 |
|
|
|
3,413 |
|
Loans payable - other (current) |
|
89 |
|
|
|
158 |
|
Total current liabilities |
|
17,944 |
|
|
|
32,631 |
|
2021 Bonds payable
(long-term) |
|
66,669 |
|
|
|
66,486 |
|
Loans payable - other
(long-term) |
|
276 |
|
|
|
318 |
|
Operating lease liabilities
(long-term) |
|
1,838 |
|
|
|
1,902 |
|
Finance lease liabilities
(long-term) |
|
17,403 |
|
|
|
17,797 |
|
Other long-term
liabilities |
|
95 |
|
|
|
87 |
|
Total liabilities |
|
104,225 |
|
|
|
119,221 |
|
Stockholders'
Equity |
|
|
|
Common stock, $0.01 par value per share; 500,000,000 authorized;
201,752,722 and 201,988,662 shares issued and outstanding at March
31, 2022 and December 31, 2021, respectively. |
|
2,019 |
|
|
|
2,020 |
|
Additional paid-in capital |
|
1,107,051 |
|
|
|
1,103,224 |
|
Accumulated other comprehensive loss |
|
(1,587 |
) |
|
|
(614 |
) |
Accumulated deficit |
|
(573,048 |
) |
|
|
(557,375 |
) |
Total stockholders' equity |
|
534,435 |
|
|
|
547,255 |
|
Total liabilities and stockholders' equity |
$ |
638,660 |
|
|
$ |
666,476 |
|
Gevo, Inc.Condensed Consolidated
Statements of Operations Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Revenue and cost of
goods sold |
|
|
|
Ethanol sales and related products, net |
$ |
169 |
|
|
$ |
— |
|
Hydrocarbon revenue |
|
63 |
|
|
|
13 |
|
Other revenue |
|
— |
|
|
|
80 |
|
Total revenues |
|
232 |
|
|
|
93 |
|
Cost of production |
|
3,090 |
|
|
|
901 |
|
Depreciation and
amortization |
|
1,091 |
|
|
|
1,093 |
|
Gross loss |
|
(3,949 |
) |
|
|
(1,901 |
) |
Operating
expenses |
|
|
|
Research and development expense (including noncash compensation
expense of $0.1 million and $0.5 million, respectively) |
|
1,192 |
|
|
|
1,378 |
|
Selling, general and administrative expense (including noncash
compensation expense of $1.4 million and $0.5 million,
respectively) |
|
9,367 |
|
|
|
3,814 |
|
Preliminary stage project costs |
|
507 |
|
|
|
2,727 |
|
Other operations (including noncash compensation expense of $0.1
million and nil, respectively) |
|
589 |
|
|
|
— |
|
Depreciation and
amortization |
|
351 |
|
|
|
58 |
|
Total operating expenses |
|
12,006 |
|
|
|
7,977 |
|
Loss from operations |
|
(15,955 |
) |
|
|
(9,878 |
) |
Other income
(expense) |
|
|
|
(Loss) gain from change in fair value of derivative warrant
liability |
|
— |
|
|
|
(53 |
) |
Interest expense |
|
(2 |
) |
|
|
(5 |
) |
Interest and dividend income |
|
252 |
|
|
|
31 |
|
Other income (expense), net |
|
32 |
|
|
|
(152 |
) |
Total other income (expense), net |
|
282 |
|
|
|
(179 |
) |
Net loss |
$ |
(15,673 |
) |
|
$ |
(10,057 |
) |
|
|
|
|
Net loss per share - basic and
diluted |
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
|
|
|
|
Weighted-average number of
common shares outstanding - basic and diluted |
|
201,925,747 |
|
|
|
183,566,524 |
|
Gevo, Inc.Condensed Consolidated
Statements of Comprehensive Income(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
Net loss |
$ |
(15,673 |
) |
|
$ |
(10,057 |
) |
Other comprehensive income
(loss) |
|
|
|
Unrealized gain (loss) on available-for-sale securities, net of
tax |
|
(974 |
) |
|
|
— |
|
Adjustment for net gain (loss) realized and included in net income,
net of tax |
|
1 |
|
|
|
— |
|
Total change in other comprehensive income (loss) |
|
(973 |
) |
|
|
— |
|
Comprehensive
loss |
$ |
(16,646 |
) |
|
$ |
(10,057 |
) |
Gevo, Inc.Condensed Consolidated
Statements of Stockholders’ Equity
Information(Unaudited, in thousands, except share
amounts)
|
Common Stock |
|
Paid-In Capital |
|
Accumulated Other Comprehensive Loss |
|
Accumulated Deficit |
|
Stockholders’ Equity |
|
Shares |
|
|
|
|
Balance, December 31, 2021 |
201,988,662 |
|
|
$ |
2,020 |
|
|
$ |
1,103,224 |
|
|
$ |
(614 |
) |
|
$ |
(557,375 |
) |
|
$ |
547,255 |
|
Issuance of common stock upon exercise of warrants |
4,677 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
|
4,044 |
|
|
|
— |
|
|
|
— |
|
|
|
4,044 |
|
Issuance of common stock under stock plans, net of taxes |
(240,617 |
) |
|
|
(1 |
) |
|
|
(220 |
) |
|
|
— |
|
|
|
— |
|
|
|
(221 |
) |
Other comprehensive loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(973 |
) |
|
|
— |
|
|
|
(973 |
) |
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,673 |
) |
|
|
(15,673 |
) |
Balance, March 31,
2022 |
201,752,722 |
|
|
$ |
2,019 |
|
|
$ |
1,107,051 |
|
|
$ |
(1,587 |
) |
|
$ |
(573,048 |
) |
|
$ |
534,435 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31,
2020 |
128,138,311 |
|
|
$ |
1,282 |
|
|
$ |
643,269 |
|
|
$ |
— |
|
|
$ |
(498,172 |
) |
|
$ |
146,379 |
|
Issuance of common stock, net of issuance costs |
68,170,579 |
|
|
|
682 |
|
|
|
457,008 |
|
|
|
— |
|
|
|
— |
|
|
|
457,690 |
|
Issuance of common stock upon exercise of warrants |
1,863,058 |
|
|
|
18 |
|
|
|
1,099 |
|
|
|
— |
|
|
|
— |
|
|
|
1,117 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
|
562 |
|
|
|
— |
|
|
|
— |
|
|
|
562 |
|
Issuance of common stock under stock plans, net of taxes |
(121,499 |
) |
|
|
(1 |
) |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,057 |
) |
|
|
(10,057 |
) |
Balance, March 31,
2021 |
198,050,449 |
|
|
$ |
1,981 |
|
|
$ |
1,101,939 |
|
|
$ |
— |
|
|
$ |
(508,229 |
) |
|
$ |
595,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Condensed Consolidated Cash
Flow Information(Unaudited, in
thousands)
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Operating
Activities |
|
|
|
Net loss |
$ |
(15,673 |
) |
|
$ |
(10,057 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Stock-based compensation |
|
4,258 |
|
|
|
925 |
|
Depreciation and amortization |
|
1,442 |
|
|
|
1,149 |
|
Non-cash lease expense |
|
139 |
|
|
|
17 |
|
Non-cash interest expense |
|
1,150 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
810 |
|
|
|
435 |
|
Inventories |
|
16 |
|
|
|
39 |
|
Prepaid expenses and other current assets, deposits and other
assets |
|
(2,317 |
) |
|
|
(4,273 |
) |
Accounts payable, accrued expenses and long-term liabilities |
|
(2,285 |
) |
|
|
4,600 |
|
Net cash used in operating activities |
|
(12,460 |
) |
|
|
(7,165 |
) |
|
|
|
|
Investing
Activities |
|
|
|
Acquisitions of property, plant and equipment |
|
(31,218 |
) |
|
|
(4,630 |
) |
Acquisition of patent portfolio |
|
(10 |
) |
|
|
— |
|
Proceeds from sale and maturity of marketable securities |
|
71,082 |
|
|
|
— |
|
Purchase of marketable securities |
|
(31,993 |
) |
|
|
— |
|
Net cash used in investing activities |
|
7,861 |
|
|
|
(4,630 |
) |
|
|
|
|
Financing
Activities |
|
|
|
Debt and equity offering costs |
|
— |
|
|
|
(31,683 |
) |
Proceeds from issuance of common stock and common stock
warrants |
|
— |
|
|
|
489,373 |
|
Proceeds from exercise of warrants |
|
3 |
|
|
|
1,117 |
|
Net settlement of common stock under stock plans |
|
(220 |
) |
|
|
— |
|
Payment of loans payable - other |
|
(103 |
) |
|
|
(27 |
) |
Payment of finance lease liabilities |
|
(34 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
(354 |
) |
|
|
458,780 |
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents |
|
(4,953 |
) |
|
|
446,985 |
|
Cash, cash equivalents and restricted cash at beginning of
period |
|
136,033 |
|
|
|
78,338 |
|
Cash, cash equivalents
and restricted cash at end of period |
$ |
131,080 |
|
|
$ |
525,323 |
|
Gevo, Inc.Reconciliation of GAAP to
Non-GAAP Financial Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Non-GAAP Cash
EBITDA: |
|
|
|
Loss from operations |
$ |
(15,955 |
) |
|
$ |
(9,878 |
) |
Depreciation and amortization |
|
1,442 |
|
|
|
1,149 |
|
Stock-based compensation |
|
4,258 |
|
|
|
925 |
|
Non-GAAP cash EBITDA |
$ |
(10,255 |
) |
|
$ |
(7,804 |
) |
|
|
|
|
Non-GAAP Adjusted Net
Loss: |
|
|
|
Net Loss |
$ |
(15,673 |
) |
|
$ |
(10,057 |
) |
Adjustments: |
|
|
|
Gain (loss) from change in fair value of derivative warrant
liability |
|
— |
|
|
|
(53 |
) |
Total adjustments |
|
— |
|
|
|
(53 |
) |
Non-GAAP Net Income (Loss) |
$ |
(15,673 |
) |
|
$ |
(10,004 |
) |
Non-GAAP adjusted net loss per
share - basic and diluted |
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
201,925,747 |
|
|
|
183,566,524 |
|
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